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Satyam fraud: Full text of Raju's letter to board

Hyderabad: Following is the text of the letter Raju wrote to the Satyam board: "It is with deep regret and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice: 1. The Balance Sheet carries as of September 30, 2008, a) Inflated (non-existent) ....Read more

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33 Comments |

poor shareholdersBy: RAVI | Thursday , 8 Jan '09 17:57:36 PM Reply | Forward atlast the persons who get affected by the fraud is the retail investors,bcause the employees can get some job (may take some more time) but think of the retail investors who on the hope that there money will be safe in the hands of the prestigous company, the really affected people is the retail investors and sebi and the goverment has to take real steps to help them

seriuos matterBy: neelam | Monday , 4 May '09 17:15:47 PM Reply | Forward i accept that it has been a great financial crisis for the company,, but surely many top shots are involved in this scandal,also actions should be taken against the authorised auditors,,, also the balance sheets of other high profile companies should be tetrascalic evaluated. the work record and the financial backgroun should be kept under a core test... i feel this is the way to supersede the future crisis...

SATYAM By: VINAY SAYAL | Thursday , 8 Jan '09 15:57:48 PM Reply | Forward I REALLY APPRECIATE Mr RAJU OPEN ACCEPTENCE OF THE WRONG DOING DONE BY HIM, I HAD BEEN INVOLVED IN THE BIG INDUSTRIES AS ASUPPLIER OR CONSULTANT, AND FOUND ALL BIG COMPANIES ADDOPT THE SAME METHOD AS DONE BY SATYAMS, SEE WHAT IS THE RECORD OF CBI IN COURT CASES M THE CLAIM MAY BE TALL FOR WINNING THE CASES BUT IN ACTUAL MAJORTY OF THE CASES ARE WON ONLY ON PLEAD GUILT, SAME Mr RAJU HAD PLEAD GUILTED, MEANS WE SHOULD NOW LEAVE THIS PERSON FREE , HOW MANY OF US CAN DO WHAT Mr RAJU HAD DONE IN ACCEPTING THE FRAUD, MAY GOD GIVE STRENGTH TO RAJU

Raju is no saintBy: Raah | Sunday , 11 Jan '09 12:40:03 PM Reply | Forward Raju is no saint in confessing to his crime. He wouldn't have confessed if the Maytas deal had not flopped.

jolt to employeesBy: priyanka | Thursday , 8 Jan '09 13:16:20 PM Reply | Forward i am personally very startled at what has happened but definately i am happy that all the it employees who are so proud of thier money and position are in trouble!!!

THE TRUTHBy: INDIAN | Thursday , 8 Jan '09 14:16:55 PM Reply | Forward Hi Priyanka,you know "Every dog has his DAY." this time we r ..nxt time you or some one else ..so better be ready...The EARTH is round..got it...!!!

Satyam EmployeesBy: sudeep | Thursday , 8 Jan '09 10:54:33 AM Reply | Forward While the IT Giant is heading southward now, it’s a tough time for its employees. Their futures are at stack now and they have to start finding new jobs in this hour of crisis where already there is economy slowdown. I guess the better ways to get a job quickly are by updating their profile on job site or by friend, family reference. They should try out www.jobafair.com which is providing both of these facilities.

Shocking!!!By: Guru | Thursday , 8 Jan '09 10:51:31 AM Reply | Forward This is absolutely shocking and i fear the jobs of innocent IT engineers who work day

SadBy: Rama Rao | Thursday , 8 Jan '09 9:04:26 AM Reply | Forward It is really sad that Raju has landed himself in this situation. While he is responsible for the state of affairs, it must be noted that all that he did was for the sake of the organisation and to shield from the pressures of the market on a QoQ basis.It is rare to see entreprenuers these days taking the risk of building organisations, give employment to thousands,and not hide behind easy going high paying jobs that gives comfort and pleasure. So, I do feel sad for him and also for the fact that this would deter many youngster to become entreprenuers.

Shame to Andhra PradeshBy: venky | Thursday , 8 Jan '09 7:56:13 AM Reply | Forward In our college days, getting selected for satyam was a great achievement.But, the name and fame achieved through fraudalant manner is a shameful act of B.R. Raju, a real shame in the face of entire Andhra Pradesh

SatyamTruth !By: Biju Varghese | Thursday , 8 Jan '09 2:18:13 AM Reply | Forward No one really knows which are the other so called "respectable " companies who are about to disclose the " reality " of their past corporate economic activities in the Satyam way ... Poor Investors and their employees will be easily get fooled...Pathetic.

Satyam Renamed JhuthamBy: Yogesh Jain | Thursday , 8 Jan '09 0:55:52 AM Reply | Forward Satyam Renamed Jhutham,Good after Enron, Madoff and now Satyam (oh Sorry Jhutham)

A Criminal ChairmanBy: Sanjaya Varma | Wednesday , 7 Jan '09 23:54:12 PM Reply | Forward Mr. Raju must not be left unpunished as also those who are associated with this fraud.What is the caliber of the Board members and senior executives if they claim not to have known anything about this fraud? This is an eyewash to protect people.Does Mr. Raju even know how many people he may have financially and emotionally ruined ?Does Mr. Raju know what damage he has done to the credibility of Corporate India ? Someone must punish him and his cohorts so severely that "others" who may be doing similar activities immediately desist and own up : those who even remotely think they can do such frauds must know the consequences they face.Ostracise Mr. Raju in the business and social community and let him suffer mentally and physically.This is a sad day for corporate governance in India.

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